JPMorgan Chase Bank is seen on March 21, 2023 in New York City, US. Reuters/Caitlin Ochs//File Photo Obtain Licensing Rights
NEW YORK, Aug 31 (Reuters) – JPMorgan Chase (JPM.N) told US authorities it processed more than $1 billion for Jeffrey Epstein over 16 years, a US Virgin Islands lawyer said on Thursday.
JPMorgan reported transactions to the US Treasury Department as suspicious after Epstein’s suicide in 2019, Mimi Liu, a lawyer for the region, said at a hearing in connection with her lawsuit against the largest US bank.
Reuters did not see the bank’s disclosures to the Treasury, which are not public. A JP Morgan spokeswoman declined to comment.
Epstein was a client of JPMorgan from 1998 until 2013, when the bank fired him. The disgraced financier was awaiting trial on sex trafficking charges at the time of his death.
The US Virgin Islands, where Epstein owned two private islands, is suing JPMorgan for at least $190 million and possibly more, saying it ignored red flags that Epstein was a sex trafficker. was running the operation because he was an attractive customer.
JPMorgan has denied knowing that Epstein was running a sex trafficking operation, and has blamed the region for having a cozy relationship with him.
Liu referred to the $1 billion amount, which had not been previously disclosed, arguing that before U.S. District Judge Jed Rakoff heard the case in Manhattan, he should have found that the bank participated in Epstein’s sex trafficking. Had taken.
He said no reasonable jury member could find that JPMorgan was in the dark about its jet-setting client.
“JP Morgan was a full-service bank for Jeffrey Epstein’s sex trafficking,” Liu said.
JPMorgan attorney Felicia Ellsworth said it was not appropriate for the judge to determine the question of the bank’s knowledge of the matter prior to trial, as current and former employees have testified that they were unaware of Epstein’s sex trafficking.
He said JPMorgan notified the Treasury Department about Epstein’s transactions at least six times, including as early as 2002.
Ellsworth also denied claims by the US Virgin Islands that JP Morgan obstructed the Epstein investigation, saying the bank had asked federal authorities about its own investigation of his conduct.
“It’s the exact opposite of trying to obstruct,” he said.
The trial is set for October 23. Rakoff said he would decide by the end of September whether to resolve key legal disputes sooner.
In June, Rakoff preliminarily approved a $290 million settlement from JPMorgan with the women who say they were abused by Epstein.
Deutsche Bank (DBKGn.DE), where Epstein was a client from 2013 to 2018, previously reached a $75 million settlement with his accusers.
Reporting by Luke Cohen in New York; Editing by Noelene Walder and Grant McCullum
Our Standards: The Thomson Reuters Trust Principles.
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